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ALIBABA: singles, shopping, stock
2020-11-10 • Updated
What is a Singles’ Day? Something like an “Anti-Valentine’s” day. People celebrating being alone, basically. But we are not here for that: Singles’s day is essentially a shopping celebration. Obviously, Jack Ma’s Alibaba offers good promotions on this day. The intrigue is: how willing the consumers will be this time to spend money, amid all the crisis? That will be a very interesting point to find out.
For Alibaba’s stock, that may turn to be a turning point as well. Since the Chinese authorities went hard on Jack Ma’s Ant, Alibaba took some of the damage. After an all-high below $320, the stock suffered severe turbulence. It got down to $280 in the first week of November and managed to get up to $304 on Monday and already down again. The larger timeframe suggests the downside still has potential – unless the Singles’ Day proves to be really fruitful for Alibaba’s performance. In this case, the stock may surge well above $304 and break the downtrend.
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